Canaccord Genuity Group Issues Pessimistic Forecast for Progyny (NASDAQ:PGNY) Stock Price

Progyny (NASDAQ:PGNY) had its target price lowered by equities research analysts at Canaccord Genuity Group from $23.00 to $21.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential downside of 3.14% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. Bank of America boosted their price target on Progyny from $21.00 to $25.00 and gave the stock a “buy” rating in a research note on Tuesday, February 11th. BTIG Research upgraded Progyny from a “neutral” rating to a “buy” rating and set a $28.00 price objective for the company in a research report on Monday, March 31st. Finally, JPMorgan Chase & Co. upped their price objective on Progyny from $17.00 to $23.00 and gave the company a “neutral” rating in a research report on Tuesday, January 28th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $23.45.

Progyny Trading Down 1.5%

Shares of NASDAQ:PGNY opened at $21.68 on Monday. The stock has a fifty day simple moving average of $21.97 and a two-hundred day simple moving average of $19.62. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of 37.38, a PEG ratio of 2.39 and a beta of 1.37. Progyny has a 12-month low of $13.39 and a 12-month high of $30.42.

Progyny (NASDAQ:PGNY) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.28). The company had revenue of $324.04 million for the quarter, compared to analysts’ expectations of $307.86 million. Progyny had a net margin of 5.03% and a return on equity of 11.36%. The firm’s quarterly revenue was up 16.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.17 EPS. As a group, equities research analysts predict that Progyny will post 0.6 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Leibman Financial Services Inc. raised its position in shares of Progyny by 100.7% in the 4th quarter. Leibman Financial Services Inc. now owns 63,509 shares of the company’s stock worth $1,096,000 after acquiring an additional 31,872 shares in the last quarter. Fort Washington Investment Advisors Inc. OH grew its stake in Progyny by 90.1% during the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 1,467,780 shares of the company’s stock worth $25,319,000 after buying an additional 695,740 shares during the last quarter. Clear Harbor Asset Management LLC purchased a new stake in Progyny during the 4th quarter valued at about $989,000. Barclays PLC grew its stake in Progyny by 530.4% during the 3rd quarter. Barclays PLC now owns 706,157 shares of the company’s stock valued at $11,835,000 after purchasing an additional 594,140 shares during the last quarter. Finally, Baillie Gifford & Co. boosted its stake in shares of Progyny by 52.2% in the fourth quarter. Baillie Gifford & Co. now owns 1,332,690 shares of the company’s stock worth $22,989,000 after buying an additional 456,853 shares during the last quarter. 94.93% of the stock is owned by institutional investors.

Progyny Company Profile

Progyny, Inc, a benefits management company, specializes in fertility and family building benefits solutions in the United States. Its fertility benefits solution includes differentiated benefits plan design, personalized concierge-style member support services, and selective network of fertility specialists.